Because it is the most important joints of promoting the private sector
stressed an economist to keep up with the Iraqi banks of the technical developments witnessed by the world in the employment sector bank, pointing to the importance of the services provided by banks to the citizen and the economy and public life.
He said the banking sector, the local suffering from a clear decline since contracts, where the public banks operate according to traditional systems that are defined as private banks were few and restricted to the borders of its work would be unable advancement of the services. He noted that after 2003 and the passing of the Banking Act in 2004 there was a revolution, where a bank was established private banks and local branches of regional and international banks. Exceeded the 40 banks represent the direction of the state adopted for the transition to a free economy, representing the private sector who have a leadership role in the management of the economic file of the country.
He pointed out the need to work on the development of the banking sector is thoughtful and precise, as well as stimulate the banks to do their job properly to be able to provide advanced services to customers of different orientations and their actions, explaining that the number of banks in the country today does not fit with the population, which requires advancement of a number of banks and to be coupled with seriously in the adoption of banking systems developed can access services to the world that provide prompt service for traders and investment operations and economic sectors.
He added that raising the capital of private banks gradually down to 250 billion dinars is a many positives to the reality of work and its development, particularly in circumstances experienced by the country and needs to be a lot of projects in all sectors without exception, and here is the actual need to advanced banking services stems from its potential, which must be advanced and high-capacity credit. Which will prompt banks to adopt the technologies of modern banking work that is appropriate and the future of the Iraqi economy and direction of international companies wishing to enter the field of economic Iraqi and the requirements of these companies of advanced services in this area.
He explained that most of the local and international investors are watching the work of the banking system of Iraq and the mechanisms work and how moving train business development bank in the country, which reflects a positive image of the work of the local banking, prompting the central bank to follow-up of private banks from raising capital for the banks current condition of the new banks to be its capital 250 billion dinars, and that is the adoption of modern systems in the work programs .
He noted that 250 billion, in fact, do not represent the level of ambition for the banks go to finance large investment projects and large-sized and giant. Especially as the local financial institutions the first to begin the financing of local projects.
He noted that the trend for financial partnerships between local financial institutions and international banks holds many positives in this aspect, but the actual fact and after the tests Mini witnessed by the last three years did not come with excellent results, as expected previously because of regulations and controls imposed by the Banking Act and the fear of international banks and regional participation to expand the volume of work for many reasons.
urged the need to encourage foreign capital to enter Iraq after creating the right environment to attract the largest bloc in cash and employ them for the benefit of the local economy, and pointed to the importance of mitigating the constraints that challenge of the work of the private banks because they would be at the forefront of institutions that operate on the success of economic development steps.